Closing Gold & Silver Market Report – 12/19/2013

Craig C. Calvin

12/19/2013 4:31:00 PM

GOLD PRICE LOWEST IN OVER THREE YEARS

With news that the Federal Reserve will taper their bond-buying program in January, and with the U.S. dollar rallying, Gold ended today’s trading at its lowest price in more than three years.  According to Libertas Wealth Management Group president Adam Koos, “this market is so emotionally driven, so hot, and so extended, even the smallest piece of news can cause big changes in investor decision making.”  Prices for Silver, Platinum and Palladium ended the day down as well.

Although U.S. stocks fluctuated today, there was little overall change as the S&P 500 lost only a few points and the Dow switched between small gains and losses.  Paul Mangus, Wells Fargo Private Bank’s head of equity strategy and research, said, “There are some cross currents in today's numbers.  They point to an economy that is recovering, but at a modest pace.  Overall we had kind of a mixed bag.”  Today’s market performance was in contrast to yesterday’s performance, when the Fed’s tapering news prompted a rally on Wall Street.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,189.60, Down $47.90.
• Silver, $19.29, Down $0.83.
• Platinum, $1,319.40, Down $26.30.
• Palladium, $697.60, Down $1.80.

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